Question Producers will supply x units of a certain commodity to the market when the price is
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Producers will supply x units of a certain commodity to the market when the price is p=S(x)
dollars per unit, and consumers will demand (buy) x units when the price is p=D(x) dollars per unit,
where = () = 2 57 and = () = 385/+1
a) Find the equilibrium quantity and equilibrium price.
b) Draw the graph of demand and supply functions on the same coordinate systems.
c) Where does the supply curve cross the y-axis? Describe the economic significance of this point.
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